Pioneer expects more losses

JAPAN’S Pioneer has warned the world and its dog its about to experience its sixth year in the red and will be taking an axe to rather a lot of its business.

The firm says it will pull the plug on its loss-making telly business, for a start, with thousands of workers set to be handed their P45s and pink slips.

According to AP, net losses have sky rocketed to $1.36 billion in the year up until March and the outfit expects to lose about $800 million this year.

Money is apparently hemorrhaging from Pioneer’s car audio product division, plasma displays and DVD drives.

Read more [THE INQUIRER]

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